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Addleshaws to cut 40 jobs after 17 per cent profit drop

Anonyomous - you are completely on the money. A 17% drop in profits, coupled with the northern partners rebelling and forcing management to abandon important reforms on remuneration suggests a firm at a crossroads. Of course, Devitt and Burch have been awfully naive: turkeys do not vote for Christmas, and Addleshaws have too many under-performing equity partners who want to maintain their lifestyles without working for it. It will be very interesting to see how the firm does this year, and whether they can keep their star performers on the back of these results. Watch this space...

25-May-2011

11:54 pm